Alibaba Seeks Funds to Buy Back Shares From Yahoo

HONG KONG—Chinese Internet company Alibaba Group Holding Ltd. plans to borrow $3 billion to buy back shares held by Yahoo Inc., people familiar with the situation said.

The six banks involved are getting internal approval to underwrite the loan, said to have a three-year term and a yield of around 4%. The loan—from Australia and New Zealand Banking Group Ltd., Credit Suisse Group AG, DBS Bank Ltd., Deutsche Bank AG, HSBC Holdings PLC...